Overview
- The merged company will field 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles, and 31 modern jackups.
- Valaris shareholders will receive 15.235 Transocean shares per Valaris share, with pro forma ownership at about 53% Transocean and 47% Valaris.
- Closing is targeted for the second half of 2026, subject to regulatory and shareholder approvals and customary conditions.
- Transocean President and CEO Keelan Adamson will lead the combined company, Jeremy Thigpen will serve as executive chairman, and the firm will remain incorporated in Switzerland with its primary administrative office in Houston.
- Management cites more than $200 million in transaction synergies in addition to an ongoing cost-reduction program targeting over $250 million through 2026, with a leverage goal near 1.5x within 24 months of closing.